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Is dirty money inflating Canada’s property prices?

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Real Estate Professional | 31 Oct 2014, 09:05 AM Agree 0
A recent opinion piece by a well-known Canadian journalist has pointed the finger firmly at embezzled Chinese funds as the cause of high Canadian property prices.
  • | 31 Oct 2014, 02:39 PM Agree 0
    Ah yes but it is nice to know that fintrac is doing its job ( ???? ) while working class Canadians can hardly afford a home in Vancouver.
  • David | 31 Oct 2014, 03:33 PM Agree 0
    Perhaps you should change the headline to "Is dirty money inflating Vancouver's property prices?" Not an issue in most parts of the country.
  • Stew | 31 Oct 2014, 05:16 PM Agree 0
    If the general public did what the Chinese Officials were doing (fraud, deceit and stealing) we would go to jail. BUT since everything is built on FRAUD, (the governments around the world are in debt to the tune of 158 TRILLION) CANADA and China has a good scam deal be quiet please!
  • Roxanne | 31 Oct 2014, 05:21 PM Agree 0
    To the gentleman who indicated it is not happening elsewhere in Canada... It surely is and certainly not just Chinese. I'm in Real Estate in Ottawa. Foreign "investors" are raising the property values Nation wide. How much can Fintrac really do? This has to happen at the highest banking levels.
  • Stew | 31 Oct 2014, 06:26 PM Agree 0
    Roxanne they are taking their money out of their country and exchanging it for assets worldwide. People know that the end is near for currencies. You may want to google Martin Armstrong and follow his posts.
  • sad | 31 Oct 2014, 06:50 PM Agree 0
    They not only launder their money here, homes in Toronto and all over are so over priced for regular working canadians that our children who are recently married can not afford a home, the jobs pay way less today than 10 years ago and major companies hire through agencies even for factories, major insurance companies hire and let go at 6 moths before benefits take effect! today young people have no change at a better life! eve a house cleaner used to make more money 20 and 25 years ago like 20$ an hour today they pay 11$ and to take care of the most valued in their lives their children they pay minimum wage! The chinese students come here alone to study and Canada wants their money, come over to Yonge and Finch at night in the weekend the Korean Chinese Kareoke selling alcohol to young chinise 15 16 all under age and getting to their homestay drunk. they rent the condos at yonge finch to even kids to live together in groups like 5 or over! i heard they have orgies,
  • Samual | 03 Nov 2014, 10:03 PM Agree 0
    I am sure it is true to some extent. But let us not forget we have home grown money laundering also. not just from China, But from all over the world.what amaze me is that when those Chinese Investors buy all these Condos and leave them empty. I have never heard of an honest hard working investor can afford to sink in $300K of his own cash and not getting any return on his investment unless this money come free to him and way to hide it in a safe heaven. It is may be good for the Canadian Economy but I guess when it comes down to almighty dollar we lose all sense of Ethics and the hell of all poor hard working, slaving poor Canadians who can not even afford the down payment on a house to shelter them. Shame on the government and shame on us.
  • CONCERNED CANADAIN PAT | 08 Nov 2014, 12:24 PM Agree 0
    Truly Canadian EH!! Let us all sit back and let it happen. I am sure that it is not just in Vancouver. Maybe FINTRAC should track the movement of international money invested here and find out where it is actually all coming from. Or maybe everyone is just simply in their own greedy frame of mind and actually do not mind if this inflow of 'bad money' is good since it actually indirectly benefits everyone that currently owns real estate by causing the values of their own holdings to increase. Hey honey; please bring me a beer so that I can watch this movie.
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